The powered agriculture equipment market is projected to grow from $63.17 billion and 2,217.8 thousand units in the year 2019 to $70.03 million and 2,359,684 units by 2025. The need to elevate farm produce has resulted in awareness among governments of different countries, which is expected to drive the market. The market growth is expected to solve rising concerns over global food security; hence initiatives by governments and stakeholders are increasing intensively, including investments and trade policies, to drive the market. Moreover, the global market for powered agriculture equipment has received significant support from the government in terms of trade policies, investments, and favorable initiatives.

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During this COVID-19 pandemic, the agriculture equipment industry is playing a critical role as a bridge in the food value chain, providing maintenance support and necessary equipment. During the COVID-19 outbreak, the supply chain has been interrupted, and companies are focusing on new strategies of producing and consuming locally. As per BIS Research estimates, the market is expected to experience growth from December 2020 till Q3, 2021, because of localization. Further, by Q3-Q4, 2022, the industry is expected to be back to normal with global exposure. Moreover, India, the biggest tractor market, is expected to see a 19% dip during 2020.

The powered agriculture equipment comprises a wide range of solutions such as tractors, sprayers, planters, combines, and other equipment such as balers and tilling equipment. Farm tractors account for the largest share in the market, followed by combine harvesters, planters, and sprayers, in that order. The adoption of powered agriculture equipment is increasing among farmers to improve the yield, operational efficiency, soil fertility, and profitability.

During the forecast period, the demand for 50-100 HP tractors is likely to remain dominant globally. Rising farm consolidation globally has resulted in an increased number of large-sized farms, which in turn has led to an overall boost in the sales of 100+ HP tractors. Rise of customized hiring center model is expected to further propel the adoption of new tractors, enabling small-scale farmers to use innovative machines at affordable rates. Large-scale farms with an area of more than 100 hectares are making significant investments in advanced technologies. Apart from farm size and income, the purchasing power of the farmers is also impacted by government regulations and policies. Moreover, favorable government initiatives and subsidies are expected to surge the overall demand.

The global demand for next-generation agriculture equipment is rising due to their frequently found new applications in the farming industry. Growers across the globe are using auto-guided tractors to mitigate several manually driven trips for crop evaluation and monitoring, hence mitigating crop damage, fuel consumption, and soil compaction. Some of the prominent next-generation agriculture equipment introduced into the market include drones, harvesting robots, and driverless tractors.

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These equipment are witnessing gradual adoption by the farmers, especially in the U.S., Australia, and Germany. Other emerging agriculture equipment are robotic sprayers and weeding robots. Key players introducing innovations in the next-generation agriculture equipment market are Deere and Company, AGCO Corporation, Autonomous Tractor Corporation, CNH Industrial, Yanmar Co. Ltd., Kinze Manufacturing Inc., Lovol Heavy Industry Co. Ltd., and Mahindra & Mahindra Ltd., among others.

COVID-19 has led to the exertion of unprecedented stress on the global agriculture market and supply chains in 2020. The COVID-19 led lockdowns have inflicted a global economic slowdown exposing the vulnerabilities of the state of agriculture across the world.

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